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President Trump, speaking with Juncker at his side after a meeting at the White House said: “We agreed today, first of all, to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.”

There had been fears of a major trade war between the two.

McCallum said: ‘The latest agreement to move towards a ‘zero tariff deal’ between the EU and US will be welcome news to the Scottish whisky industry.

“Since the introduction of a 25 per cent import tariff on Bourbon and American whiskey, the main fear has been retaliation of a similar tariff as the US is the largest export market for Scottish whisky. However, the latest talks suggest a more amicable approach which is good to see, as long as any agreement is replicated for the UK post-Brexit.”

McCallum said that US distillers currently face a 25 per cent tariff to import into the EU, which could present an opportunity for low-mid brands to capitalise on any slowdown in US imports within the domestic market.

Stuart McCallum said the latest talks suggest a more amicable approach which is good to see, as long as any agreement is replicated for the UK post-Brexit

“However, the nuance variations of some high end products that are popular in the US and Asia, are not designed for the UK market so a change in the domestic trading environment is not relevant to them.

“The instability in the market could cause some distillers to hold on to products until the market settles to ensure they place the product in the right market at the right time.

‘This strategic, long term approach extends into future investment.

“Many producers will be looking at expansion into other markets to further futureproof their business to ensure they are well placed to service growing demand and ride out any turbulence in particular markets.